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Bank of England warns of persistent inflation
Katharine Mann, a member of the Bank of England's Monetary Policy Committee, warned of inflation becoming entrenched in the UK economy, as it currently exceeds the bank's 2% target and is expected to reach 4% by the beginning of next year. She confirmed that inflation has remained high throughout her tenure and that rising wages during the period including wage negotiations could further boost inflationary pressures. Despite this, the Monetary Policy Committee kept the interest rate at 3.75%, amid concerns that sustained increases in energy prices could prolong the period of high inflation.
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